If the plugs are oily, you know it's getting in the engine and burning it. If you decide to fix it, pull the intake and see if it's coming down the intake valves as it will be easilly visible. If the ports are all wet with oil and fuel, you will need to work on the tune after the work. If it smokes at rpms, it's ring seal.. Or more precisely oil control ring issues and it won't go away until you get deep into it. The compression figures are ok for your altitude but oil drops octane dramatically so you may have ping or detonation issues too.